The telco giant told Bursa Malaysia that it intends to issue 300 million new shares to investors to be identified via book-building today. This represents about 4% of the group’s total number of issued shares as at June 16.

Based on an indicative issue price of RM5.47 per share, the private placement will raise RM1.64 billion.

“The company is proposing the equity fund-raising exercise to strengthen Maxis and its subsidiaries’ financial position by reducing part of the existing borrowings of the Maxis group,” it said.